European stocks rose as investors weighed central-bank stimulus around the world before the Federal Reserve’s decision on monetary policy. The ESTX 50 (+0.32%), CAC 40 (+0.37%), Dax (+0.34%) and UK markets (+0.04%) all posted gains in early trading. DS Smith Plc advanced +3.6% after saying sales are increasing at a faster pace than last year. Ebro Foods SA added +3.4% as UBS AG raised its rating on the company to “buy” from “neutral”. Daily Mail dropped -8.3% after saying the postponement of RMS One will result in a material impairment to the value of the asset this, and operating costs will increase by £5 million. Richemont declined -3.4% after saying five month sales climbed 4% at constant exchange rates, less than the 6% growth projected by analysts. Smiths Group slipped -4.9% after reporting a decline in full year revenue.
US stocks rose and commodities rallied on a report that China’s central bank is boosting stimulus measures. The Dow Jones Industrial Average (+0.59%), S&P 500 (+0.75%) and Nasdaq Composite (+0.75%) all advanced. Humana Inc climbed +3.7% after announcing a $2 billion plan to repurchase shares. Zillow jumped +6.1% after Stephens Inc initiated the shares with an “overweight” rating and a $170 price estimate, saying the real-estate Web site still leads the category and is in the early stages of revenue and profitability. Wynn Resorts declined -0.5% as workers in Macau held protests that threaten to undermine the earnings of casinos there. SodaStream International Ltd added +1% after it was reported that the company is in talks with an unidentified British fund about a $840 million sale. Micron Technology Inc added +4.8% after Stern Agee said they may see significant upside from Japanese yen depreciation.
Most Asian stocks rose as China’s central bank joined the ECB in boosting liquidity. The Hang Seng (+1.00%) advanced, while the Nikkei 225 (-0.14%) and the S&P/ASX 200 (-0.69%) both declined. Chinese banks rallied. Industrial and Commercial Bank of China gained +1.6%, Agricultural Bank of China Ltd rose +1.4% and China Construction Bank Corp advanced +1.6% in Hong Kong. Pioneer gained +1.6% in Tokyo after saying it will cut 10% of its workforce and sell its audio equipment business for disc jockeys to private equity firm KKR & Co. SJM sank -5.2% after Credit Suisse cut its 2014 forecast for Macau gaming revenue growth to 1% from 5%. Sands China Ltd lost -5.1% and Galaxy Entertainment Group Ltd declined -2.6%. SAI Global Ltd sank -5.6% in Sydney after saying no final offers have been received for the entire company.
Morning Spread 8th March 2017 European shares traded flat this morning, the modest moves masking significant results driven games by several companies on a bust day for European earnings.
Morning Spread 2nd November 2016 Asian stocks followed global equities lower despite gauges of manufacturing in China topping estimates and the Bank of Japan maintained its record stimulus program.
Morning Spread 1st November 2016 Asian stocks were mixed as declines in oil prices dragged energy shares lower and investor anxiety grew over next week’s US presidential election.
Morning Spread 28th October 2016 Asian stocks fell as oil explorers pushed down Hong Kong gauges, while investors digested earnings from several companies.
Morning Spread 27th October 2016 US stocks were mixed following the release of earnings from several companies.
Morning Spread 24th October 2016 US stocks were little changed as a record day for Microsoft and earnings from McDonald’s helped offset a fall in energy and healthcare shares.
Morning Spread 19th October 2016 Asian shares rose as a barrage of Chinese data confirmed the economy had stabilised on the back of government spending and a hot housing market, even if worries about debt continue to mount.
Morning Spread 10th October 2016 Asian stocks were mixed following the second US presidential debate between Hilary Clinton and Donald Trump.
Morning Spread 5th October 2016 Most Asian stocks outside Japan slid on concern central banks will reduce stimulus, while the Nikkei climbed after the yen weakened.
Morning Spread 27th September 2016 Asian stocks advanced with investors viewing Democratic candidate Hillary Clinton as having gotten the upper hand in the first US presidential debate.